Apple Inc.

Apple delivered a modest earnings beat in its fiscal second quarter of 2024, posting diluted EPS of $1.53 against a consensus estimate of $1.50, a 2.00% beat, even as revenue slipped 4.3% year over year to $90.75 billion. The top-line decline was driven largely by softness across the Products segment, where iPhone revenue fell to $45.96 billion from $51.33 billion a year ago and weakness in Greater China, where sales dropped to $16.37 billion from $17.81 billion. Offsetting those pressures, the Services segment reached $23.87 billion, up sharply from $20.91 billion in the prior-year period, with its favorable margins helping gross profit edge higher to $42.27 billion despite the overall revenue contraction. Net income came in at $23.64 billion, compared to $24.16 billion a year ago. Looking ahead, Apple offered no explicit numerical guidance but signaled confidence through a new $110 billion share repurchase authorization and a 4% dividend increase to $0.25 per share quarterly, moves that analysts noted reflect management's conviction in the company's long-term earnings power.